海外公司第一上市之監管比較及國內KY制度發展

Abstract

資本市場在過去幾十年發展迅速，尤其全球證交所的海外上市公司數量出現 大幅成長，顯示資本市場已成為眾多國際型企業籌資及擴大規模的管道，而 台灣於2008年開放國外企業來台進行第一上市，希望吸引許多具競爭力的台 商回流上市，而海外台商主要據點以美國、日本、東南亞國家為主，因此本 論文針對美國、日本、新加坡及台灣的監管背景進行比較，並以公司營運集 中在中國大陸揚州及台灣的永道-KY作為出發點，評估該公司在美國、日 本、新加坡及台灣證交所上市所帶來的優缺點，進而對台灣的海外公司上市 制度提出可在未來持續吸引台商回流的制度改革發展。

The capital market has developed rapidly in the past few decades, especially the number of overseas listed companies on global stock exchanges has grown significantly, which shows that the capital market has become a channel for many international companies to raise funds and expand their scale. In 2008, Taiwan opened up foreign companies to come to Taiwan. Taiwan’s first listing, hoping to attract many competitive Taiwanese businessmen to return to the market, and the main bases of overseas Taiwanese businessmen are the United States, Japan, and Southeast Asian countries. Therefore, this paper compares the regulatory backgrounds of the United States, Japan, Singapore, and Taiwan. , and taking the company's operations concentrated in Yangzhou, mainland China and Taiwan's Yongdao-KY as a starting point, evaluate the advantages and disadvantages of the company's listing on the stock exchanges of the United States, Japan, Singapore and Taiwan, and then evaluate the listing system of overseas companies in Taiwan Propose institutional reform and development that can continue to attract Taiwanese businessmen to return in the future.